Most people spend more money than expected every year during the holiday season.
To prevent falling into debt, it is recommended to build a Christmas account throughout the year.
“Look at, maybe, just taking $15, $20, $30 out of your paycheck each week and have it go into a separate savings account,” said Roland Kljunich, owner and CEO of Roland Financial Wealth Managment LLC.
Kljunich said this helps when it’s time to purchase presents because you know what your budget is.
“I think that’s one of the things that people normally forget. They forget to budget things like holidays, like Christmas or whatever you might be celebrating. Birthdays, things like that. So just make sure that you’re budgeting and not going into debt because of a particular season,” said Kljunich.
But aside from the holidays, it is important that people budget for every day regardless of how much money you make because every dollar counts.
“Sometimes people that make less money need to budget even more so because every dollar that’s spent is very important. But then we also find that people that make more than average money also don’t budget,” said Kljunich.
For people who manage their money on their own but are interested in a little extra help, resources are available.
“It’s always a very good thing if you have the opportunity to talk with a financial advisor. Some companies will have people that will manage their 401K or their 403B that you can talk to over the telephone, or sometimes they come to your office or your place of business,” said Kljunich.
Kljunich said an advisor is also beneficial to make sure you’re in a good position financially when it’s time to retire.